58-9-102. Definitions.
58-9-102
58-9-102. Definitions.As used in this act:
(1) "Accounting period" means a calendar year unless another 12-monthperiod is selected by a fiduciary. The term includes a portion of a calendaryear orother 12-month period that begins when an income interest begins or ends whenanincome interest ends.
(2) "Beneficiary" includes, in the case of a decedent'sestate, an heir,legatee, and devisee and, in the case of a trust, an income beneficiary and aremainder beneficiary.
(3) "Fiduciary" means a personal representative or a trustee. The termincludes an executor, administrator, successor personal representative, specialadministrator, and a person performing substantially the same function.
(4) "Income" means money or property that a fiduciary receives as currentreturn from a principal asset. The term includes a portion of receipts from asale,exchange, or liquidation of a principal asset, to the extent provided in part4.
(5) "Income beneficiary" means a person to whom net income of a trust isor may be payable.
(6) "Income interest" means the right of an income beneficiary to receiveall or part of net income, whether the terms of the trust require it to bedistributed orauthorize it to be distributed in the trustee's discretion.
(7) "Mandatory income interest" means the right of an income beneficiaryto receive net income that the terms of the trust require the fiduciary todistribute.
(8) "Net income" means the total receipts allocated to income during anaccounting period minus the disbursements made from income during the period,plus or minus transfers under this act to or from income during the period.
(9) "Person" means an individual, corporation, business trust, estate,trust,partnership, limited liability company, association, joint venture, government;governmental subdivision, agency, or instrumentality; public corporation, oranyother legal or commercial entity.
(10) "Principal" means property held in trust for distribution to aremainderbeneficiary when the trust terminates.
(11) "Remainder beneficiary" means a person entitled to receive principalwhen an income interest ends.
(12) "Terms of a trust" means the manifestation of the intent of a settlorordecedent with respect to the trust, expressed in a manner that admits of itsproof ina judicial proceeding, whether by written or spoken words or by conduct.
(13) "Trustee" includes an original, additional, or successor trustee,whether or not appointed or confirmed by a court.
History: L. 2000, ch. 61, § 2; July 1.